Code of Massachusetts Regulations
610 CMR - BOARD OF HIGHER EDUCATION
Title 610 CMR 11.00 - Optional Retirement Program
Section 11.50 - Provider and Insurer Oversight
Current through Register 1531, September 27, 2024
The Board shall at least annually monitor and evaluate the performance of the Providers and the Insurer in order to ensure that fiduciary standards as defined in M.G.L. c. 32, § 23(3) are maintained by the Providers and the Insurer.
(1) The Board or Council, in its own discretion, may terminate any such contract with any such Provider or Insurer with 90 days written notice should a Provider or Insurer breech its fiduciary responsibilities.
(2) The Board or Council, in its own discretion, may re-bid the services provided by a Provider or the Insurer, should a Provider or Insurer breech its fiduciary responsibilities.
(3) If there is a breach of fiduciary responsibility by the Insurer, those services may be competitively rebid.
(4) If a Provider breaches its fiduciary responsibility, the participants shall choose between the other selected provider(s) or the Board can select another provider through the competitive bidding process.
